Dec 9, 2012 10:30am EST
of pennsylvania. his research includes the u.s. economy, tax policy, and the stock market. he is previously a senior economist at the board of governors at the federal reserve system. he went to that graduate school of business at columbia university. he has worked for both the george w. bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage point
Dec 15, 2012 7:00pm EST
questions from the audience. hosted by the u.s. chamber of commerce this is just under an hour. >> thank you very much. thank you, everyone, for being here this morning. especially those who traveled to be with us. it's nice to close the doors from the rest of washington and the fiscal cliff debate for a little while and talk about fiscal challenges elsewhere. whether it's a good news or bad news, at least it gives us an opportunity to talk about something a little bit different than the news of the day in this final two weeks, i think, before hopefully congress finds an opportunity to either avoid or move or solve some of the fiscal cliff issues and fiscal challenges that we face. and thank you for dick gravich and the work of the panel and the commission he co--led. there are copies of that report that were available when you came in. it's an excellent document that i really encourage everyone to take a close read. it's filled with good analytics in terms of what's going on on the state level. to help us understand. and i fully agree, dick, with your comments earlier about the disconnect.